Articles by Darin Tyson-Chan

ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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Insurance

SMSF insurance costs deductible

SMSF insurance premiums deductibility

Proportionately taxed income of an SMSF has no effect on the deductibility of insurance premiums for risk cover held inside the fund.

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financial advice, Financial Planning

QAR receives subdued response

Quality Advice Review government response

The inherent flaws in the government’s approach to implementing the recommendations of the Quality of Advice Review have been called out.

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Superannuation

Govt payments crucial to early access

Superannuation early access

Certain conditions regarding social security must be met before individuals can access their super benefits early due to severe financial hardship.

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Property, SMSF

Software property valuations limited

SMSF property valuations

The strength of SMSF property valuations generated by administrative software applications is dependent on when the procedure is performed.

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Retirement, Strategy, Superannuation

Pre-1999 benefits can easily be freed

Restricted non-preserved superannuation benefits

A fairly straightforward process can be used to allow individuals with restricted non-preserved superannuation benefits to access these assets.

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Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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ASIC, Compliance, financial advice

RG 175 knowledge a compliance must

RG 175

Financial advisers need to have a working knowledge of Regulatory Guide 175 to ensure their compliance procedures are sound.

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Compliance, SMSF

Small hint given on residency rules

SMSF residency rules

The SMSF sector has been given an indication on the status of the changes to the superannuation residency rules via recent ATO action.

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SMSF, Superannuation

Trustee establishment age rises

SMSF trustee establishment

The average age of Australians setting up an SMSF has increased along with the average superannuation balance of these new funds.

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